Tag: Life Insurance

Life insurers’ new business premium rose 21% in Sept to ₹48,780 crore

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Life insurers’ new business premium rose 21% in Sept to ₹48,780 crore

Life insurers in India posted 21% year-on-year (YoY) increase in new business premium (NBP) for September at ₹48,780.55 crore. The higher mobilisation came even as number of policies/scheme sold declined YoY at 21.93 lakh (22.06 lakh). In August too, the policies and schemes sold were lower yet their NBP rose 33% YoY to ₹41,197.78 crore….

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IRDAI imposes ₹1 cr penalty on Canara HSBC Life for mis-selling policy to 88-year-old

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IRDAI imposes ₹1 cr penalty on Canara HSBC Life for mis-selling policy to 88-year-old

The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a ₹1 crore penalty on Canara HSBC Life Insurance Company for mis-selling a life insurance policy to an 88-year-old man. The case pertains to a deferred annuity policy, with an annual premium of ₹2 lakh and a four-year premium-paying term, that was sold by…

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IRDAI bars life insurers Pramerica, Edelweiss from opening new branches for 6 months

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IRDAI bars life insurers Pramerica, Edelweiss from opening new branches for 6 months

Insurance regulator IRDAI has directed Edelweiss Life Insurance and Pramerica Life Insurance, in separate orders on August 20, not to open new place of business for six months for non-compliance with Expenses of Management (EoM) limits in 2024-25. “The [two life] insurers were warned for their failure to remain within the prescribed EoM limits and…

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How India’s life insurance sector funds government expenditure

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How India’s life insurance sector funds government expenditure

When the government borrows, the question that follows is rarely asked aloud: who lends? A large part of the answer is the life insurance sector. Every year, millions of households across India pay premiums into life insurance policies. That money is reinvested, for decades, in the very securities that finance government expenditure — roads, railways,…

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Life insurers’ new premium slump second month in a row, down 22% in December to ₹30,218.71 crore

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Life insurers’ new premium slump second month in a row, down 22% in December to ₹30,218.71 crore

New business of LIC for December was down more than 41% at ₹13,523.87 crore (₹22,981.28 crore), while for the nine months it was 7.16% higher at ₹1,57,955.95 crore (₹1,47,405.59 crore). File | Photo Credit: Reuters New business of life insurers declined almost 22% year on year in December to ₹30,218.71 crore on the back of tight…

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